ST. PAUL, Minn. --As part of its exit strategy from the gas station and convenience store industry, Yocum Oil Co. Inc. has sold its nine Holiday Stationstore franchises back to Holiday Cos., reported The Minneapolis-St. Paul Business Journal.
It cited reports that Bloomington, Minn.-based Holiday paid $8 million for properties in Cottage Grove, Eagan, Inver Grove Heights, Jordan, Maplewood, North St. Paul, Stillwater and Woodbury, Minn., as well as the business operations for a second site in North St. Paul that Yocum Oil leased.
Those deals closed on April 17, the report said.
Representatives of Yocum Oil declined to comment to CSP Daily News about the deal, and executives with Holiday Cos. Did not respond by press time.
The St. Paul, Minn.-based, family-owned company, founded in 1959 by Paul and Fern Yocum, is selling all of its businesses and liquidating. Paul, who died in 2012, was president of the Minnesota Marketers Association, which represented service station owners. When Paul retired in 1983, his son, Tony Yocum IV, took over as president and CEO, adding the c-store businesses, said a Pioneer Press report. Paul's grandson, Tim Yocum, is now president and CEO of Yocum Oil.
Tim Yocum told Finance & Commerce that the company plans to split up its businesses and sell them to new owners. Yocum Oil is a supplier of fuel, lubricating oils, gasoline and associated services in the greater Twin Cities area, serving customers in Minnesota, Wisconsin and Iowa with testing and consulting services, fuel additive packages and residential and commercial heating oil, fueling and lubrication products and services and retail c-stores. The oil distributor provides service and support to more than 6,000 commercial and residential customers, with approximately 200 employees.
Yocum Oil's Holiday StationStores offer environmentally friendly BluePlanet gasoline and diesel fuel, car washes and Holiday Pantry bakery and commissary items.
Holiday currently operates 500 sites in 10 states in the northern tier of the United States: Minnesota, Wisconsin, Michigan, North Dakota, South Dakota, Montana, Wyoming, Idaho, Washington and Alaska.